Great-West Lifeco stock posts record 19.4% base ROE in Q3

Great-West Lifeco reported stronger underlying profitability for the third quarter on November 4, with growth led by its U.S. retirement and wealth businesses and Capital and Risk Solutions. In a release carried by Cantech Letter, the company said base earnings reached 1.323 billion Canadian dollars in the three months ended September 30, up 8 percent from the year-earlier quarter.

Base earnings per common share increased 11 percent to 1.48 Canadian dollars from 1.33 Canadian dollars. Net earnings declined 2 percent to 1.139 billion Canadian dollars, while net earnings per share rose 2 percent to 1.27 Canadian dollars. Great-West identifies base earnings and base earnings per share as non-GAAP measures intended to show underlying business performance.

Empower leads operating momentum

The U.S. segment generated base earnings of 510 million Canadian dollars, up 17 percent from a year earlier. In constant currency, U.S. base earnings rose 15 percent, supported by higher fee income, stronger markets, positive retirement-plan inflows, wealth inflows and operating leverage. The quarter included 21 million U.S. dollars in post-tax one-time administrative service fees, which were offset by elevated credit impacts.

Capital and Risk Solutions contributed 309 million Canadian dollars of base earnings, an increase of 17 percent, as demand for Capital Solutions remained strong. Its run-rate insurance results increased 19 percent year over year. Europe added 273 million Canadian dollars, up 3 percent, while Canada declined 6 percent to 347 million Canadian dollars as moderated Group Benefits insurance experience outweighed stronger retirement results.

Great-West completed its acquisition of Milliman's U.S. retirement and benefits administration business during the quarter. The company said total client assets reached 3.9 trillion Canadian dollars at September 30, while Retirement and Wealth accounted for more than half of base earnings. That mix is important for investors because fee-based and capital-efficient businesses are becoming a larger part of the group's earnings profile.

Record return and capital flexibility

Base return on equity reached a record 19.4 percent, compared with 17.7 percent a year earlier and in line with management's medium-term objective of at least 19 percent. The consolidated LICAT ratio stood at 127 percent. Great-West also reported 3.6 billion Canadian dollars of holding-company cash before a planned 500 million euro bond repayment in the fourth quarter.

The company repurchased 3.7 million common shares for 340 million Canadian dollars in the quarter. The board approved a quarterly common-share dividend of 0.67 Canadian dollars, payable on December 31 to shareholders of record on December 3. The combination of buybacks, dividends and capital generation provides support for per-share growth, although future returns remain exposed to insurance experience, market conditions and integration execution.

Great-West Lifeco stock traded at 57.20 euros on Lang & Schwarz at 13:43 CET on Monday, November 9, 2026. Investors can follow the real-time quote of Great-West Lifeco stock.

Great-West Lifeco stock at a glance

• Company: Great-West Lifeco Inc.
• ISIN: CA39138C1068
• Toronto ticker: GWO
• Lang & Schwarz quote: 57.20 euros at 13:43 CET on November 9, 2026
• Q3 base EPS: 1.48 Canadian dollars, up 11 percent year over year
• Q3 base ROE: 19.4 percent
• Quarterly common-share dividend: 0.67 Canadian dollars, payable December 31, 2026

Broader market conditions remain relevant for insurers and wealth managers, alongside the Great-West Lifeco stock theme.

Great-West's next investor focus is the integration of Milliman, the development of Canadian insurance experience and the company's ability to sustain double-digit growth in Empower while maintaining capital returns.